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Watching Westhaven.

Watching Westhaven

Parkway West Ltd. is moving closer to a payday in west Little Rock that's been six years in the making. The property has frontage along Chenal Parkway and Bowman Road.

The limited partnership intends to build a new street called Westhaven Drive that will cut through 19 acres and link Bowman Road with Chenal Parkway. A 30,000-SF lot, one of 14 commercial lots for sale, is already under contract, but the deal hasn't closed yet.

The Westhaven property and eight acres south of Chenal Parkway represent the profit margin for Parkway West. The debt load on this acreage is down to $400,000 courtesy of a financial package with OneBank.

The Texas-based limited partnership, led by Chris Burrow and John Graham, once owned more than 66.8 acres in a $3.8 million purchase ($1.04 per SF) in 1984.

The seller was Markham and Bowman Investment, an Arkansas general partnership led by Flake & Co., which purchased the acreage for nearly $2.7 million (73 cents per SF) earlier that year.

Parkway West has recovered about 90 percent of its initial investment by selling off 39.6 acres for $3.4 million. The sales breakdown reads this way:

* Nearly 21.7 acres in 1985 to Gene and Nancy Carter of Dallas for $939,000 (a hair short of $1 per SF). The Carters had intended to develop an apartment complex on the property, but a soft market indefinitely postponed that project.

* More than 13.9 acres in 1987 to Rock Creek Square Ltd., a Texas limited partnership led by Don Woodbury. The Rock Creek Square acreage was broken into two sales involving $2.5 million. About 8.86 acres for the Wal-Mart site on West Markham sold for $1.21 million ($3.13 per SF), and 5.06 acres covering the remaining portion of the Rock Creek Square Shopping Center sold for $1.29 million ($5.85 per SF).

* About four acres to the city of Little Rock for right-of-way used to create a portion of Chenal Parkway. The purchase price was not disclosed.
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Title Annotation:RealDeals; Westhaven, Little Rock, Arkansas
Author:Waldon, George
Publication:Arkansas Business
Date:Oct 29, 1990
Previous Article:New office building.
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